Constitutional Challenges Shaping the Securities Regulatory Landscape

Multiple cases raising constitutional questions might alter important aspects of the securities regulatory landscape, with implications for the SEC’s continued use of administrative courts, and for deference to regulatory agencies when adopting and enforcing regulations. This recorded discussion features Sidley’s Securities Enforcement and Regulatory group partners Hardy Callcott and Barry Rashkover, and co-leader of Sidley’s Supreme Court and Appellate practice Kwaku Akowuah, who explain the context, issues, and potential fallout from:

• Jarkesy Fifth Circuit decision and recent Supreme Court oral arguments
• Major Questions Doctrine: what the doctrine is, how it is informing defenses in SEC enforcement actions, and how it is fueling challenges to Commission regulations
• Federal preemption and First Amendment: SIFMA lawsuit challenging Missouri Securities Division rules
• Extending the Lucia Supreme Court decision to challenge FINRA disciplinary proceedings